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this is shorthand for a new liquidity absorbing tool officially known as the fax rate full allotment reverse repo facility which the Fed has been testing in markets since June 2013 the facility aims to provide non banks such as money market funds with a safe place to park liquidity which cant easily be invested anywhere else at positive rates due to a scarcity of safe assets by extending its balance sheet to non banks however the Fed has been able to prop up private collateral rates above zero many people originally believed the facility we use to manage the feds exit from extraordinary liquidity operations but the facilitys extreme popularity with non banks even though its still in testing mode shows its primary purpose may really have been to reassert that control over short-term rates